Cannae gets $100 million revolver from former parent Fidelity National

By Angela McDaniels

Tacoma, Wash., Nov. 20 – Cannae Holdings, Inc. can borrow up to $100 million of revolving loans from Fidelity National Financial, Inc. from time to time under a revolver note, according to an 8-K filing with the Securities and Exchange Commission.

The revolver note was entered into on Friday in connection with the split-off of Cannae from Fidelity.

The interest rate is Libor plus 450 basis points.

The revolving loans mature on the five-year anniversary of the date of the revolver note. The maturity date is automatically extended for additional five-year terms unless notice of non-renewal is provided by either Cannae or Fidelity.

Proceeds may be used for investment purposes and working capital needs.

As a result of the split-off, Cannae is a separate, publicly traded company and its businesses, assets and liabilities consist of those formerly attributed to Fidelity’s FNFV common stock, including Ceridian Holding, LLC, American Blue Ribbon Holdings, LLC and T-System Holdings LLC.

All of Fidelity’s core title insurance, real estate, technology and mortgage-related businesses, assets and liabilities currently attributed to its FNF Group common stock that are not held by Cannae remain with Fidelity.

Cannae is based in Las Vegas, and Fidelity is based in Jacksonville, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.